Heat Pumps Market Trends and Segments Forecast To 2028
The global heat pumps market size was valued at USD 84,658.6 million in 2021 and is poised to grow at a significant CAGR of 8.9% during the forecast period 2022–2028. A wide range of applications with heat pumps in residential, commercial, and industrial sectors are anticipated to propel the adoption of the heat pumps market over the forecast years. In the residential segment, heat pumps may be used for both heating and cooling, and for producing hygienic hot water. Normal heat pumps provide a temperature of up to 80°C and can use energy sources from renewable and waste sources with temperatures up to 40°C. Whereas, high-temperature heat pumps provide temperatures up to 100°C and can use energy sources with temperatures up to 60°C. The very high-temperature heat pumps heat pumps provide temperatures of up to 150°C. The current availability status is confined to experimental solutions and prototypes, with a positive prognosis for market integration.
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Water source Segment is
Dominate the Heat Pump Market:
The water source segment is expected to account for a larger
revenue share in the global heat pumps market with a value share in the global
market and is projected to grow at a significant CAGR over 2022 and 2028. Ground
source heat pumps are highly effective space heating and cooling technologies
that is extracting heat from the ground. The various end-users involved are
office buildings, apartment complexes, hotels, condominiums, schools, and other
commercial buildings.
The global heat
pumps market is segmentation:
1) Product Type: Air Source,
Water Source, Geothermal.
2) By Application: Residential,
Commercial, Industrial, Pool Heating.
Europe Holds the Significant
Share in Heat Pump Market:
Europe is expected to expand at a considerable CAGR over the
forecast period due to the government initiatives to curb carbon emissions
along with rising environmental concerns that have elevated the demand for
sustainable heating systems in the region. The increasing investments in the
establishment of greenhouse infrastructure are expected to further fuel the
growth of the market. Moreover, France, Italy, and Spain are the top three heat
pump markets in Europe, accounting for half of all units sold. 90% of all units
sold are sold in the top ten countries, which include Sweden, Germany, Norway,
Finland, Denmark, Switzerland, and Austria.
Strategic
New Product Launches, Mergers, Acquisitions, and Agreements are the key
strategies adopted by market players:
global heat pumps market
further reveals that the key players increasingly adopting strategies
such as the launch of newer products, product launches, and long-term alliances
to improve market revenue share and gain significant geographic presence across
the region. For instance, In 2022, Viessmann Group has acquired
a majority ownership in Pacifica Home Services Ltd. (PHS), while also
supporting the management team's re-investment. PHS is an expert in both the
installation and maintenance of integrated HVAC systems, with a focus on heat
pumps.
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Key players’ profiles in the heat
pumps market report are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea
Group (China), Panasonic Corporation (Japan), Mitsubishi Electric Corporation
(Japan), Johnson Controls (Ireland), DAIKIN INDUSTRIES, Ltd. (Japan), Carrier
(US), LG Electronics (South Korea), Trane Technologies (Ireland), GEA Group
Aktiengesellschaft (Germany)
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